Capstone Green Energy (NASDAQ:CGRN) Systems To Provide 3.4 MW of Power for Renewable Energy Operation in California
3.4 MW Low Emission Energy System will Run on 100% Renewable Fuel.
VAN NUYS, CA / ACCESSWIRE / January 21, 2022 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), ("Capstone," the "Company," "we" or "us"), a global leader in carbon reduction and on-site resilient green energy solutions, today announced that its West Coast distributor, Cal Microturbine, has secured a contract to provide a 3.4 MW microturbine based system for a renewable energy customer in southern California.
The system, which will be configured with three Capstone Green Energy C1000S Signature Series microturbines and one C400S Signature Series microturbine, will provide onsite power at the customer's facility using 100% renewable fuel.
"This order is indicative of the shift we are seeing to more renewable fueled energy projects in recent years," stated Jen Derstine, Vice President of Marketing and Distribution at Capstone Green Energy. "In fiscal 2019, renewables made up 7% of our overall business and in fiscal 2021 they made up 13% of our business. That should continue to grow based on incentives, access to renewable fuels and improvements in renewable energy technologies," concluded Ms. Derstine.
The customer initially considered leveraging reciprocating engines for the project but ultimately selected Capstone Green Energy's microturbines due to their best-in-class rating for low emissions and low life cycle costs.
"Capstone's autonomous microturbine technology is an ideal fit for renewable fueled projects," said Ryan Brown, Chief Executive Officer of Cal Microturbine. "The ultra-low emissions technology and low maintenance design allow our clients to execute on their green energy initiatives without the need for a costly onsite operator."
"On an environmental scale, Capstone microturbines provide can be an important tool in the fight against climate change," said Darren Jamison, Chief Executive Officer of Capstone Green Energy. "On a business strategy level, particularly for those businesses in California, our technology makes meeting air quality regulations significantly less complicated and less costly than many alternatives currently on the market," Mr. Jamison concluded.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three fiscal years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon savings.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Capstone Green Energy
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Released January 21, 2022